The U.S. spends more on its military than any other discretionary item. Interest on the national debt will soon top that.

U.S. aircraft carrier
(Image credit: Eric Baradat/AFP/Getty Images)

In about five years, the U.S. federal government could starting spending more in interest on its debt than on the military — which accounts for more than half of discretionary spending — or domestic programs like Medicaid, The New York Times reports, citing Congressional Budget Office projections. "The run-up in borrowing costs is a one-two punch brought on by the need to finance a fast-growing budget deficit, worsened by tax cuts and steadily rising interest rates that will make the debt more expensive," the Times explains.

Years of record low interest rates have "allowed the government to take on more debt without paying more interest," says Marc Goldwein at the Committee for a Responsible Federal Budget. "That party is ending," and "by 2020, we will spend more on interest than we do on kids, including education, food stamps, and aid to families." Within 10 years, the U.S. will face more than $900 billion a year in interest payments, the CBO projects. Next year, when the federal deficit is forecast to top $1 trillion, interest costs will hit $390 billion, 50 percent more than in 2017.

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Peter Weber, The Week US

Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.